Variation of List of Names and Categories of Registered Entities - Southern Leasing Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted by the Parliament of Australia to facilitate the collection, analysis, and dissemination of data within the financial sector, thereby enhancing the regulatory framework for financial institutions. This legislation addresses the need for a comprehensive and cohesive approach to data collection, ensuring that the Australian Prudential Regulation Authority (APRA) can effectively monitor and regulate entities within the financial sector. The policy objective behind the Act is to maintain financial stability and protect consumers by ensuring that APRA has the necessary data to perform its regulatory duties. The 2013 gazette, "Variation of List of Names and Categories of Registered Entities", pertains to an amendment under the Act whereby APRA removes the name of Southern Leasing Pty Ltd from its register of entities. This change reflects the corporation's status as no longer a registrable entity, following its cessation as a financial institution subject to regulatory oversight by APRA.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 governs the collection and management of data related to financial sector entities, ensuring that the Australian Prudential Regulation Authority (APRA) maintains an accurate and up-to-date register of entities subject to its oversight. The Act applies to entities that are considered registrable corporations under its definition, which includes corporations whose activities are regulated by APRA. The geographic reach of the Act is national, as it applies to entities operating across Australia, thereby ensuring a uniform regulatory framework for financial entities throughout the Commonwealth. The Act mandates that APRA keep a register of these entities and a list of their names, and it empowers APRA to remove entities from this list when they no longer meet the criteria for registration. This legislative instrument allows for the exclusion of entities that have ceased to be registrable, such as Southern Leasing Pty Ltd, which has been removed from both the register and the list of names as it no longer qualifies under the Act’s definition of a registrable corporation. The Act’s application can be further extended or restricted through subordinate instruments, which provide the flexibility to adapt the regulatory framework to changing circumstances within the financial sector.

Key Provisions

The primary operative sections of the Gazette C2013G00350 concern the removal of Southern Leasing Pty Ltd from the Register of Entities under section 8 of the Financial Sector (Collection of Data) Act 2001, and the corresponding removal of its name from the list maintained under section 11 of the Act. The Gazette explicitly states that Southern Leasing Pty Ltd, with the Australian Business Number 36 081 189 979, has ceased to be a registrable corporation as defined in section 7 of the Act. This cessation is due to its removal from the register by a delegate of APRA under section 10(c) of the Act, which has rendered the corporation a non-registered entity under subsection 5(3) of the Act. Consequently, Barton Ashcroft, acting under subsection 11(2) of the Act, has varied the list to remove the corporation's name. The obligations and requirements imposed by the Act on the parties or entities it governs include the maintenance of a comprehensive and accurate Register of Entities by APRA. This register must be updated promptly to reflect any changes in the status of registered entities, such as the cessation of a corporation's registrable status. APRA is mandated to keep a list of names of registered entities, ensuring that this list is kept current with any changes in registration status. Furthermore, APRA must ensure that the details of any entity that ceases to be registrable are removed from both the register and the list of names, as per the provisions of section 11 of the Act. The Gazette also outlines the consequences for breaches of the Act's requirements. While the specific offences, penalties, or civil/criminal consequences for non-compliance are not detailed in this particular Gazette, the Act generally provides for significant penalties for non-compliance with its data collection and reporting obligations. Under the Financial Sector (Collection of Data) Act 2001, entities found in breach of the Act's provisions could face civil penalties, including fines, as well as potential criminal penalties for more severe or wilful violations. The exact penalties would depend on the nature and severity of the breach, as well as any relevant case law or statutory provisions. However, the Act empowers APRA to enforce these provisions rigorously to ensure compliance and maintain the integrity of the financial sector's data collection processes.